Company Registration No. 06429034 (England and Wales)
A B MOAVEN COMMODITIES LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
A B MOAVEN COMMODITIES LTD
COMPANY INFORMATION
Director
Mr A B Moaven
Secretary
Miss S Moaven
Company number
06429034
Registered office
Flat 91
St Mary Abbots Court
Warwick Gardens
London
W14 8RD
Accountants
MGI Midgley Snelling LLP
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
A B MOAVEN COMMODITIES LTD
CONTENTS
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 6
A B MOAVEN COMMODITIES LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 1 -
The director presents his annual report and financial statements for the year ended 30 November 2017.
Principal activities
The principal activity of the company continued to be that of commodity brokers.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr A B Moaven
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr A B Moaven
Director
30 August 2018
A B MOAVEN COMMODITIES LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2017
30 November 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
24
216
Current assets
Debtors
5
61,404
154,694
Cash at bank and in hand
163,181
27,815
224,585
182,509
Creditors: amounts falling due within one year
6
(240,388)
(182,067)
Net current (liabilities)/assets
(15,803)
442
Total assets less current liabilities
(15,779)
658
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(15,879)
558
Total equity
(15,779)
658
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 30 August 2018
Mr A B Moaven
Director
Company Registration No. 06429034
A B MOAVEN COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
1
Accounting policies
Company information
A B Moaven Commodities Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Flat 91, St Mary Abbots Court, Warwick Gardens, London, W14 8RD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 November 2017
are the
first
financial statements of A B Moaven Commodities Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
A B MOAVEN COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Turnover and other revenue
A B MOAVEN COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
2
Turnover and other revenue
(Continued)
- 5 -
2017
2016
£
£
Turnover analysed by geographical market
Europe
481,939
116,836
UK
-
401,845
Overseas
-
343,541
481,939
862,222
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2016 and 30 November 2017
4,130
Depreciation and impairment
At 1 December 2016
3,913
Depreciation charged in the year
193
At 30 November 2017
4,106
Carrying amount
At 30 November 2017
24
At 30 November 2016
216
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
93,285
Corporation tax recoverable
908
804
Other debtors
60,496
60,605
61,404
154,694
A B MOAVEN COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 6 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
86
91
Corporation tax
-
4,067
Other creditors
240,302
177,909
240,388
182,067
7
Related party transactions
Loan from Director
At the year end, a balance of £10,003 was due to A B Moaven, the director of the company and is included in other creditors.
8
Directors' transactions
Dividends totalling £11,500 (2016 - £16,000) were paid in the year in respect of shares held by the company's director.
During the year dividends were paid in excess of distributable reserves. The director undertakes to make no further distributions until such time as there are reserves available.